Fourth quarter 2011 revenues were $335.5 million, compared to $346.1 million in the fourth quarter of 2010. Fourth quarter 2011 operating income was $22.2 million, compared to $24.1 million in the fourth quarter of 2010. Net income was $17.4 million, or $0.29 diluted earnings per share in the fourth quarter of 2011, compared to net income of $21.2 million, or $0.36 diluted earnings per share in the fourth quarter of 2010. The fourth quarters of 2011 and 2010 included the impact of research and development tax credits that increased net income by approximately $1.0 million and $7.4 million, respectively, or $0.02 and $0.13 diluted earnings per share. Orbital’s free cash flow in the fourth quarter of 2011 was negative $46.2 million, compared to negative $26.3 million in the fourth quarter of 2010.
Full year 2011 revenues were $1,345.9 million, compared to $1,294.6 million in 2010. Operating income was $79.8 million in 2011, compared to $73.0 million in 2010. Net income was $67.4 million, or $1.13 diluted earnings per share in 2011, compared to net income of $47.5 million, or $0.81 diluted earnings per share in 2010. Full year free cash flow was positive $5.3 million in 2011, compared to negative $84.2 million in 2010.
Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer, said, “Orbital’s 2011 financial results set new records for revenues and earnings. In addition, new business bookings in both the fourth quarter and full year were very strong, resulting in $2.4 billion of firm backlog and allowing the company to begin 2012 with more than 90% of projected revenues for the year covered by existing contracts.” To read the entire financial report, access this direct link.
The Company has also announced that Mr. David V. Broome has joined the company’s Government Relations Department as Vice President of Defense and Intelligence Programs with responsibility for organizations within the federal government involved in national security space programs. Mr. Broome comes to Orbital with a diverse background, having served in senior roles in industry and government, as well as his military service to the country. Mr. Broome will report to Ms. Kate Kronmiller, Orbital’s Senior Vice President of Government Relations.
From 2008 until recently, Mr. Broome served as Corporate Director of Legislative Affairs for Northrop Grumman Corporation, supporting all five business sectors with policy development, strategy reviews and business development. From 2006 to 2008, Mr. Broome served in The White House as Special Assistant to the President for Legislative Affairs for the Senate, working closely with the Departments of Defense, State, Veterans Affairs and Homeland Security. Before joining The White House staff, he served as Deputy Assistant Secretary of Defense for Senate Affairs, where he was responsible for all legislative activity relating to the Defense Department in the U.S. Senate from 2005 to 2006. Mr. Broome has also held positions with the Federal Aviation Administration and as a senior staff member for former Senate Majority Leader Bill Frist. Mr. Broome currently serves in the United States Marine Corps Reserve (USMCR) assigned to Marine Forces Pacific. He is a veteran of Operation Iraqi Freedom having served forward in 2004 in Al Anbar Province.